Which of the following best describes a policy?

a$.$ A policy is an informal statement that outlines specific requirements or rules that must be met based on a decision by a governing body.

b$.$ A policy is a rule that must be met based on a decision by a governing body.

c$.$ A policy is a procedure that outlines specific requirements or rules that must be met based on a decision by a governing body.

d$.$ A policy is a formal statement that outlines specific requirements or rules that must be met based on a decision by a governing body.